Fundamental change in the macroeconomic environment requires a shift from a reliance on public markets for income and growth to including both public and private investments in client portfolios. Given the traditional focus on public markets, RIAs have to deal with new challenges. Consistent with their fiduciary obligations, RIAs will need to strengthen their portfolio analysis techniques and ramp up their due diligence and training for advisers, while at the same time restructuring their operating models for continued growth and creating better outcomes for investors by advocating in front of sponsors and regulators.

The advent of alternative investments in the retail investment landscape is offering a new way forward for RIAs to serve clients in the face of macroeconomic shifts and a changed environment for public debt and equity. Traditional 60/40 portfolios and the RIA operating model need to be restructured if RIAs are to be relevant in meeting clients’ future needs an